RJBlock Properties Acquires Multifamily Portfolio In Harlem For $32M
SOLD
$32,000,000
New York
See Similar DealsMultiFamily201,764 SF
Sold 09/06/2022
SOLD
RJBlock Properties Acquires Multifamily Portfolio In Harlem For $32M
2470 8th Avenue, New York, NY 10027
See Similar DealsMultiFamily201,764 SF
Sold 09/06/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$158
Total Square Footage:201,764 SF
Transaction Type:Sale
The multifamily property located at 2470 8th Avenue, 271 West 144th Street, and 1941 Adam C Powell Boulevard in Harlem has been sold. The sale was finalized on 09/06/2022 for a total price of $32,000,000. The property consists of 213 units, with an average price per unit of $150,234. The total square footage of the property is 201,764, resulting in a price per square foot of $158.
Summary of Transaction Details
- Property Type: Multifamily
- Sale Price: $32,000,000
- Units: 213
- Price Per Unit: $150,234
- Square Footage: 201,764
- Price Per Square Foot: $158
The buyer of the property is RJBlock Properties, represented by RJ Block. The seller is KLM Equities, with Elias Kefalidis and Zac Kleinhandler as the sellers. The seller's representatives in this deal are Brett Siegel and Evan Layne, who work for Newmark.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,706,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$113,689.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$151,696.33
Annual Debt Service$1,820,355.91
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